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    Canara Bank Personal Loan

    We found 1 Canara Bank Personal Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    12.75% Floating
    1,000 to ₹5,000 One time fee
    3L
    5 years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Eligibility Criteria

    Canara Bank Personal Loan is Rated as "Great!" by 56 Users

    Personal Loan BYTES FROM OUR KITCHEN

    Canara Bank is an Indian state-owned bank head quartered in Bangalore, Karnataka. Bank has a network of 4600 branches and more than 5500 ATM's spread across India. Canara Bank offer simple Personal Loan Scheme exclusively for the benefit of employees of Corporates, PSUs, Government Departments, Institutions, etc., and also Non salaried class like professional/ self employed.


    You're probably eligible for an Canara Bank Personal Loan if you are

    01
    02
    03
    04

    At least 21 years old

    Less than 58 years old

    Salaried / Self “ Employed
    with regular income

    Minimum income required
    40% of Gross Salary or Rs.6000/- whichever is higher


    Your Canara Bank Personal Loan amount eligibility is based on these factors

    01
    02
    03

    EMI Limited to about 60% of monthly income

    Maximum allowed personal loan is 6 months of net salary or Rs.3,00,000/-, whichever is less

    EMIs of other loans lower
    your eligibility


    Increase your eligible Canara Bank Personal Loan amount by these steps

    01
    02

    Pay off your credit card bills

    Choose longer tenure loan up to 60 months


    Documentation needed to apply for an Canara Bank Personal Loan

    • 1. Signed application form with photograph
    • 2. Copy of passport/voter ID card/driving license
    • 3. Processing fee cheque
    • 4. Last 3 months bank statement/6 months bank passbook
    • 5. Documentation for salaried applicants:
      • Latest salary slip
      • Current dated salary certificate with the latest Form 16
    • 6. Documentation for self-employed applicants:
      • Latest Bank statement
      • Latest ITR or Form 16

    Canara Bank Personal Loan Interest RatesUpdated on 28 May 2017

    Canara Bank Personal Loan Details
    Interest Rate (Floating) 12.75 %
    Processing Fees 0.5% of the loan amount subject to a minimum of Rs.1000/- and maximum of Rs.5000/-
    Pre Closure Charges Nil
    Loan Tenure 5 years
    Guarantor Requirement Guarantor required

    About Canara Bank Personal Loan

    Perfect Personal Loan Deals for you

    Headquartered in Bangalore, Canara bank is a state-owned bank. It is one of the oldest banks in India, established in 1906. The bank offers a wide range of products such as home loan, personal loan, business loan, loan against property, educational loan etc. Canara Bank Personal Loan can provide you much-needed funds during a financial crisis. The bank offers Personal Loans to help you fulfil your personal requirements such as financing education, a wedding, meeting sudden medical expenses etc.

    Enquire for Canara Bank Personal Loan

    Mentioned below are three popular personal loans offered by Canara bank:

    1. Canara Budget Personal Loan: Canara budget, a simple personal loan scheme, exclusively offered to corporate employees and government employees to meet genuine personal financing needs.
    2. Canara Teachers Personal Loan: This loan enables teachers to meet their personal financial needs. However, this loan can be availed by both teaching and non - teaching staff working in a school or college.
    3. Canara Consumer Personal Loan: This loan can be availed by salaried persons, businessmen and other professionals.

    Under Canara banks personal finance schemes, you can get personal finance for home improvements, medical expenses and many other such genuine needs.

    Features of Canara Bank Personal Loans

    Canara bank offers personal loans to meet your various personal financial needs. The bank also ensures that the maximum amount of loan is offered to each applicant based on their documentation, requirement, repayment history and CIBIL score. Money borrowed from Canara bank under personal loan schemes can be used as per individual needs. Canara bank personal loans come with the following attractive features:

    • Canara bank offers personal loans for long tenures. You can get loans up to a maximum of 60 months.
    • The bank offers convenient loan repayment options. You can repay loans in monthly instalments based on your convenience.
    • The bank charges nominal pre-enclosure fees.
    • Canara Bank charges low processing fees.
    • You can apply for a Canara Bank personal loan online. Also, online tracking of your application status is available.
    • The bank provides 24/7 customer support to its customers. It helps customers get their queries and doubts resolved online.

    With Canara bank, you can get personal loans for varied requirements such as a wedding, to fund higher education, house renovations etc. The bank maintains an easy documentation process and offers personal loans at affordable rates. Besides, it charges low processing fees. All these benefits make Canara bank the preferred choice of many people to borrow money.

    Personal Loan Eligibility differs from bank to bank and person to person. The basic thing that the banks looks for while sanctioning a personal loan is your repayment capacity. The minimum age requirement to get a personal loan from Canara Bank is 21 years and the maximum is 58 years. Both salaried and self-employed individuals can apply for Canara Bank personal loans up to Rs.3 lakhs. The bank has different eligibility criteria for different personal loan plans.

    Eligibility criteria for the Canara Budget personal loan:

    • This plan is for employed persons.
    • If you are a confirmed employee of a reputed PSU or joint stock company.
    • If you are a confirmed central or state government official.
    • College lecturers, assistant professors, professors, universities and research institutions are also eligible for Canara Bank personal loans.
    • Your salary account has to be with Canara Bank.
    • If you are a salaried employee, your minimum average net take-home salary should not be less than 40% after paying the monthly EMI.

    Similarly the eligibility criteria for the Teachers Loan is as follows:

    • You need to be a confirmed teacher or non-teaching staff working in a school or college.
    • You should hold your salary account with Canara bank.
    • Your monthly take home salary needs to be minimum 30% of the gross salary after EMI deduction, or Rs.10,000 (whichever is greater).

    Canara Banks eligibility criterion for Canara Consumer loan include:

    • Professionals, businessmen and salaried people “ they all can avail this loan.
    • A salaried individuals monthly take home salary needs to be 40% of their gross salary or Rs.6,000 after deducting the EMI for the loan (whichever is higher).
    • In case of professionals and other non-salaried persons, they need to have a minimum yearly net income of Rs.1,50,000 supported by Income Tax Assessment Order (ITAO) or Income Tax Return (ITR).
    • In certain cases, the income of spouse can also be shown to fulfill the Canara Bank Personal Loan Eligibility criteria.
    • For the salaried class, salary needs to be credited with Canara Bank.

    Canara Bank offers attractive rates of interest on its personal loan products “ Canara Teachers Loan and the Canara Budget. The rates of interest offered by the bank are set on the basis of MCLR (Marginal Cost of funds based Lending Rate). MCLR comprises of 4 components, which are marginal cost of funds, tenor premium, operating costs and negative carry on account of cash reserve ratio (CRR).

    Canara Bank MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    Following the RBI guidelines, Canara Bank has adopted the MCLR based interest rate, effective from April 1, 2016.

    MCLR Benchmark Tenure (Period)Benchmark Rates (MCLR)
    Overnight9.00%
    1 month9.25%
    3 months9.35%
    6 months9.40%
    1 year9.45%

    Personal Loan Interest Rates (MCLR “ time period)

    The rate of interest offered by Canara Bank for its personal loan products is dependent on the tenure of the loan, along with an added percentage over the prevalent MCLR Rate.

    Canara Bank Base Rate & Prime Lending Rates (For existing borrowers)

    All existing borrowers can avail personal loans at the prevailing Base rate. The current Base Rate (BR) offered by the bank is fixed at 9.65%, effective from 7/10/2015.

    Canara Budget LoanCanara Teachers Personal LoanCanara Consumer Personal Loan
    Interest Rate
    • BR + 4.00% = 13.65% (with salary tie-up)
    • BR + 5.00% = 14.65% (without salary tie-up).
    BR + 3.75% = 13.4%BR + 4.25% = 13.9%

    All existing borrowers have the freedom to continue with the Base rate system or shift to the new MCLR based interest rate system.

    Note: The MCLR rates given above are effective as of April 1, 2016. For accurate information on the applicable rates of interest for personal loans, kindly contact the bank prior to application. Interest rates are subject to change with change in MCLR / Base Rate.

    BankBazaar has a very simplified and unique Personal Loan EMI calculator tool using which you can calculate your monthly EMIs. It is accurate and instant which indeed helps the customers to plan their future financial goals as well as adjust the tenure of the loan. With BankBazaar, it is a matter of just one click and your EMI calculation is done. To access this easy Personal Loan EMI Calculator provided by BankBazaar, what you have to do is to type the chosen loan amount, loan tenure, processing fee ( if any) and the rate of interest. Once you fill these details, the EMI calculator will immediately display your monthly EMI liability for that specific personal loan.

    • What personal loan schemes does Canara Bank offer?

      There are different schemes of personal loans offered by Canara Bank. The major ones include Canara Budget, Teachers’ Loan, and Canara Consumer Loan. However, you can also get personal finance from Canara Bank for house renovation, wedding, education, medical expense etc.

    • Am I eligible for Canara Budget personal loan scheme?

      If you are an employed individual, you can avail this loan i.e. if you are a confirmed employee of central or state government, reputed PSUs, corporate companies or a lecture or professor. Besides, your monthly take-home salary should not be less than 40% after EMI deduction.

    • When can I take Canara Budget personal loan?

      You can take this loan when you have some genuine personal needs to be fulfilled.

    • What is the maximum amount of loan that I am eligible for under this Canara Budget plan?

      You can get 6 months' gross salary or Rs.3 lakhs. The higher amount is considered.

    • What is the rate of interest for Canara Budget personal loan?

      The rate of interest is BR (base rate) + 4.00% for the salaried individuals and BR+ 5.00% without salary obligation.

    • What is the processing fee for Canara Budget personal loan?

      You need to pay 0.5% of the loan amount as processing fee. It comes to minimum Rs.1000/- and maximum of Rs.5000/-.

    • Who is eligible for Canara Teacher’s loan?

      This is a personal loan Canara bank offers for the teaching and non-teaching staff of a college or a school.

    • What is the rate of interest for Teacher’s loan?

      The rate of interest is 1% of the loan amount.

    • Can I apply for Canara bank personal loan online?

      Yes, you can apply for this online and track your application status as well.

    • What is the purpose of Canara Consumer loan?

      This is a personal loan Canara Bank offers to meet your real life personal needs.

    • Who can avail Canara Consumer loan?

      This loan can be availed by salaried individuals, businessmen and other professionals.

    • What is the rate of interest for Canara Consumer loan?

      The rate of interest for this loan is base rate + 4.00%.

    • How can I check my Canara Bank personal loan status?

      If you apply through Bankbazaar, BankBazaar itself will help you to track your application status via SMS alerts and Emails.

    • Where do I get Canara bank personal loan application form, if I have to apply for a one?

      You can get it downloaded from the bank’s web site or collect it from the nearest branch. However, instead of doing that if you apply through BankBazaar, the BankBazaar team will take care of it.

    • Can I download my Canara Bank personal loan statement online?

      Yes, you can download your personal loan statement online.

    • Does Canara bank charge personal loan prepayment charges?

      Yes, Canara Bank charges a nominal rate for pre-closing personal loans.

    • How secured am I, if I apply through BankBazaar?

      You are completely secured at BankBazaar. The company values your privacy. Your application directly reaches the lender without the involvement of any third party and your personal information is not shared with anybody else.

    • How do I contact customer care for more details on Canara Bank personal loans?

      Canara bank provides 24/7 customer support except for three national holidays. Or else, you can visit BankBazaar. Our customer-friendly helpdesk will be pleased to help you and answer all your queries related to Canara Bank Personal Loans.

    • What is the main purpose of Canara Bank Personal Loan?

      The main purpose of Canara Bank personal loan is to provide finance for personal expenditures such as a wedding, medical emergency, education, vacations and similar personal expenditures.

    • What are the types of personal loans offered by Canara Bank?

      Canara Bank offers two types of personal loans. Given below are two types of personal loans offered by the bank.

      • Secured personal loan-This type of loan is usually granted to repay existing house loans, renovation of house property and purchase of consumer durables.
      • Unsecured personal loan- The main purpose of unsecured personal loan by Canara Bank is to offer finance for personal expenditures such as marriage expenses, medical expenses, education expenses and other such personal expenses.
    • Who is eligible to apply for Canara Bank Personal Loan?

      Given below is the list of individuals who are eligible to apply for Canara Bank personal loan.

      • Salaried employees
      • Professionals
      • Individuals with high net worth
      • Pensioners who draw regular pension from the bank
      • Retired employees of the bank
      • Staff members
    • What is the minimum and maximum amount one can avail with this personal loan?

      The minimum and maximum loan amount granted for secured loan is Rs. 10,000 and Rs.5 lakh, while the minimum and maximum amount offered for unsecured loan is Rs.10,000 and Rs.10 lakh.

    • Can one apply for the personal loan online?

      One can apply for the personal loan online through the official website of the bank or through a third party financial website.

    • Is there any restriction on the utilization of the personal loan amount?

      There is no such restriction on the utilisation of the personal loan amount as long as the personal expenditure is of a bonafide nature and legal.

    • Does the bank offer Overdraft facility for the personal loan?

      Yes, the bank offers overdraft facility for the personal loan amount. It offers an overdraft limit of maximum up to Rs.1 lakh to confirmed permanent employees of Central, State, Government, Reputed Corporate and PSUs.

    • Why should one choose Canara Bank personal loan?

      There are various reasons as to why one should opt for Canara Bank Personal loan. One of the main reason being the low rate of interest and flexible repayment period. The option of secured and unsecured loans is also one of the main reasons for choosing Canara Bank personal loan.

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  • Canara Bank Personal Loan Reviews

    • Canara Bank Personal Loan
      "Satisfactory Service"
      0.5 5.0/5 "Blown Away!"
      I got personal loan from Canara bank as preapproved loan. They sanctioned the loan amount into my account within fifteen days. I did not submit any documents to the bank as I got support from my office end, I easily availed the loan from the bank. The interest rate 16% for 3 years and the loan amount is 75000.
      Was this review helpful? 1
      , chennai
      Reviewed on May 04, 2017
    • Canara Bank Personal Loan
      "Better"
      0.5 3.0/5 "Satisfactory"
      I have closed the personal loan with the Canara bank and the tenure was around thirty months of time. Foreclosure charges were nil with them and I got it through my reference of employer. Rate of interest was little high but am happy with them and the loan amount got disbursed to my account within a week of time.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 25, 2017
    • Canara Bank Personal Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Canara bank. The process for my loan was done on time. The documentation was not much and it was the normal procedure, the rate of interest and charges was pretty nominal. I am happy that I got the loan when needed.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 15, 2016
    • Canara Bank Personal Loan
      "Should Helpout to the customer's need"
      0.5 3.0/5 "Satisfactory"
      Canara Bank service was almost good, When I opened my saving account with them. I paid Rs.1000 including debit card. Online service and ATM facilities was good. But they have to understand the customer's needs for any kind of loans and should work on customer orientation.
      Was this review helpful? 6
      , bangalore
      Reviewed on Nov 18, 2016
    • Canara Bank Personal Loan
      "Canara Bank service is Good"
      0.5 4.0/5 "Great!"
      Canara bank personal loan was good, I had taken for 36 months of tenure. I had almost re- paid 30 months and remaining is 6 months . I am okay with the service provided by them. Within the stipulated time they had processed the loan. Before three years I had taken the loan even at that time interest rate was pretty normal.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 21, 2016
    • Canara Bank Personal Loan
      "Easy process"
      0.5 5.0/5 "Blown Away!"
      The sequence of steps which is followed by CANARA Bank on its personal loan its pretty simple. The documents were minimal and it was a hassle free process. The rate of interest was of 17.25% for the tenure of five years. The processing charges was nominal too.
      Was this review helpful? 6
      , bangalore
      Reviewed on Jun 28, 2016
    • Canara Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Within week the personal loan was disbursed by Canara bank as I have the account so the process was very easy and smooth. Rate of interest charged was nearly 15% and the processing fee was Rs.2000. Required paper were standard like other banks only.
      Was this review helpful? 13
      , bangalore
      Reviewed on Jun 25, 2016
    • Canara Bank Personal Loan
      "Good service provider"
      0.5 3.0/5 "Satisfactory"
      I am having personal loan with the Canara bank and the interest rate is around 15%. Processing charges were a nominal one with them and the loan amount got disbursed to my account within a week of time. Response was good one with the Canara bank.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 13, 2016
    • Canara Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with Canara Bank. The services has been very good from them. They offered me a very reasonable rate of interest. It was of 12.2%. The processing charges was waived off. There was no charges for the pre closure as well. The process was completed in a week. Overall excellent.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 18, 2016
    • Canara Bank Personal Loan
      "Very good"
      0.5 4.0/5 "Great!"
      Based on my salaried account I got the personal loan very easily in four days from Canara bank. The only down side is, they require the guarantor for loans which is quite difficult.. In terms of interest rate and other charges they are charging less when compared with other banks.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 12, 2016
    • Canara Bank Personal Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      This is fairly a new loan which I had taken with Canara bank as I have a long standing relationship with them being an account holder. I know the manager personally and he co ordinated well. They offered me an interest rate of 14% and a nominal processing fee of Rs.1500. The documentation was very minimal and the processing took 15-16 days and the loan were realsed to my account. Bottom line, fanstastic experience.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 11, 2016
    • Canara Bank Personal Loan
      "great process. "
      0.5 5.0/5 "Blown Away!"
      I had an experience of taking a personal loan from Canara bank. The process was pretty okay. I was offered an interest rate of 13%. The disbursement process was very quick as I got the loan within 3 hours of time. But my concern is that the maximum amount the bank offers as loan is 1.5 lakhs only.
      Was this review helpful? 1
      , hosur
      Reviewed on Apr 05, 2016
    • Canara Bank Personal Loan
      "Good process "
      0.5 4.0/5 "Great!"
      The service provided was quite slow but they dont have any fraudulent service in the loan process with canara bank related to personal loan.The interest rate applied for the personal loan was high compared with others through the canara bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 16, 2016
    • Canara Bank Personal Loan
      "Okay with them..."
      0.5 2.0/5 "Expected more"
      I took personal loan from Canara bank which was last 4 years back. Initially they offered 1lakh but I had a good relationship with their General manager so, he helped me a lot. Finally they offered 1.60lakhs. I have no issues with them. I use to make the payment through ecs mode.
      Was this review helpful? 2
      , nagercoil
      Reviewed on Feb 24, 2016
    • Canara Bank Personal Loan
      "Fine.."
      0.5 1.0/5 "Really Bad"
      Recently I approached Canara bank for a personal loan. But they are not willing to provide a loan but the thing is requested them for a 2lakhs even though they need guarantor. When I compare to Canara bank I am happy with ICICI Bank in terms of personal loan.
      Was this review helpful? 1
      , nagercoil
      Reviewed on Feb 24, 2016
    • Canara Bank Personal Loan
      "Good "
      0.5 3.0/5 "Satisfactory"
      I took the personal loan with the Canara bank and the loan amount got disbursed within fifteen to twenty days of time. Customer service is average with them and the responsiveness too. Processing charges are very low with them.
      Was this review helpful? 0
      , madurai
      Reviewed on Feb 23, 2016
    • Canara Bank Personal Loan
      "Super fast service "
      0.5 5.0/5 "Blown Away!"
      Canara bank is a quite good.There is no drawback in the process of personal loan.It was taken near my native and within half an hours they are able to provide.They have less documentation process the personal loan.100% recommended service
      Was this review helpful? 0
      , mangalore
      Reviewed on Feb 22, 2016
    • Canara Bank Personal Loan
      "Unhappy with them..."
      0.5 1.0/5 "Really Bad"
      I am unhappy with Canara bank in terms of loan. Basis of my saving account I approached them for a personal loan last year. They did not received any response from them. Even they kept on postponing my application. I would suggest them to consider their customer and it would be great if they respond their account holder properly.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 12, 2016
    • Canara Bank Personal Loan
      "Customer support is not great.."
      0.5 2.0/5 "Expected more"
      At the Canara bank branch the employees are not giving solution as they are routing here and there. They are not respecting the customers. Few employees are good. For personal loan the rate is 14.5% and this is high. Canara bank is a government sector so they should not high in the rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 10, 2016
    • Canara Bank Personal Loan
      "Need more flexible..."
      0.5 5.0/5 "Blown Away!"
      Based on my saving account I approached Canara bank in my branch for a personal loan. I could not get loan from them but other branches are ready to provide a loan. Based on their norms they need to open a salary account so, dropped my plan. My suggestion is it would be great if they consider the saving account also.
      Was this review helpful? 1
      , pondicherry
      Reviewed on Feb 06, 2016
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